Second Business Session within 48th ADB Annual Meeting of the Board of Governors in Baku ends

Baku: Oil price, exchange rates of currencies have impact on economy of many countries, said the current Chairman of ADB Board of Governors, Azerbaijani Minister of Finance Samir Sharifov at the 2nd Business Session within the 48th ADB Annual Meeting of the Board of Governors. He noted such meetings create platforms exchange of experiences.

“Various countries have risk factor preventing development of the economy. Especially, natural disasters pose a threat to development. If necessary measures are not taken in this regard, we may face great risks. Such investing in this region is more needed.

Therefore, ADB is in the suitable position and may respond to challenges sharing this position. At the same time, ADB may engage in growth and promotion of inclusive economy. We think that ADB should carry out innovative reforms in the future and thereby, can promote regional cooperation.

It’s needed to strengthen state-private cooperation to achieve sustainable economy. Private investments should be preferred. ”Azerbaijan supports these initiatives. We think that lending potential of the bank should be increased”, Sharifov said.

Noting that the hesitation in the global market influences all countries, Sharifov said that Azerbaijan is not excluded here. According to him, despite financial crisis in the world, Azerbaijan achieved dynamic development: “Taking dynamic growth during past ten years into account, the Central Bank of Azerbaijan created condition for more stable approaching to the issue of currency. Our investment rating is still being assessed at high level by three agencies. This means that this rating is stable. Our goal is to expand our economy more and develop it with other partners”.

ADB President Takehiko Nakao said that this meeting allows to discuss and change the situation constructively.

“Member countries should pay attention to poverty reduction and inclusive growth. There are 2,200,000,000 poor in Asia and Pacific Ocean region. This figure is unacceptable. Poverty should be reduced 40%. This goal can only be achieved by useful economic policy.

Moreover, we must pay attention to quality of economic growth, provide financial support to education and health, knowledge and abilities in state building should be improved, agriculture sphere should be developed. Therefore, we must promote regional cooperation and integration”, ADB President said.

Thereafter, members of Organizational Committee of the ADB 49th Annual Meeting to be held in Germany in 2016 have been elected. Afghanistan, Australia, China, Germany, Japan, Malaysia, Netherlands, Pakistan, Portugal, Tonga, USA and Vanuatu have been appointed as members of the Organizational Committee.

Germany will chair the ADB 49th Annual Meeting. Heads of delegations from Bangladesh and Timor-Leste have been elected as Deputy Chairmen of the Board of Governors.

Thus, the 2nd Business Session within the 48th ADB Annual Meeting of the Board of Governors has ended.

SOURCE: Azeri Press News Agency